AXA has completed the acquisition of a 7.15 percent stake in African Reinsurance Corporation (“Africa Re”), the leading cash consideration payable at closing would amount to USD61 million Africa Re’s current shareholding comprises 41 member states, the African Development Bank (ADB) and more than 100 African insurance and reinsurance companies,...
Scor S.E.’s net income for the third quarter of 2014 rose 7.1 percent over the same period in 2013 to EUR121 million (USD151.5 million), the Paris-based reinsurer announced recently. Gross written premiums for the quarter grew 15.7 percent to EUR2.96 billion (USD3.71 billion), while Scor’s property/casualty operations posted a 92.8...
Fairfax Financial Holdings of Canada has agreed to buy the specialty insurer Brit for USD1.88 billion in cash. Brit, which is based in London, went public less than a year ago in an offering that valued the firm around GBP960 million (about USD1.6 billion). Brit is a member of the...
Swiss Re delivered a full-year net income of USD3.5 billion for 2014, driven by strong underwriting performance and investment results. L&H Re reported a full-year net loss of USD462 million, reflecting the impact from several previously announced management actions as well as the unwinding of an asset funding structure supporting a longevity...
Zurich Insurance Group has reported a business operating profit (BOP) of USD4.6 billion and net income attributable to shareholders of USD3.9 billion for the year ended December 31, 2014. Chief executive officer Martin Senn said: “While we made good progress last year in executing the strategy we set out in...
American International Group reported net income attributable to AIG of USD655 million for the quarter ended December 31, 2014. Full year 2014 net income attributable to AIG was USD7.5 billion, compared with USD9.1 billion for 2013. Reported net income included an after-tax loss on extinguishment of debt of $824 million,...
RSA Insurance Group chief executive Stephen Hester is set to unveil a deeper cost-cutting plan at the London-based general insurance provider as it works to turn around its business. RSA, which had earlier set a cost-saving target in excess of GBP180 million, will be updating the market on its progress,...
Towergate Insurance has announced that it has entered into a binding agreement with its senior secured creditors to implement a financial restructuring and recapitalisation of the Group. Under the terms of the agreement, Towergate will emerge with a substantially deleveraged capital structure, together with additional liquidity resources with which to...
RSA has announced its appointment as the sole underwriter for one of Cavere Home insurance products. This product will be available to brokers via Cavere’s Magenta platform, which provides online quotes and applications for intermediaries. Commenting on the appointment, Tim Wright, director of Broker, RSA Personal Lines, said: “RSA is particularly...
Willis Group Holdings has announced that it has reached an agreement with Miller Insurance Services LLP to form a leading London-based wholesale specialist insurance broking firm. The agreement will combine the firms' respective wholesale businesses to trade under the Miller brand, managed, governed and regulated as a standalone legal entity...
